South32 completed the acquisition of a 45% stake in Sierra Gorda from Sumitomo for $2.2bn.

South32, an Australian incorporated diversified metals and mining company, completed the acquisition of a 45% stake in Sierra Gorda, a copper mine, from Sumitomo, a firm that provides export trade, technology transfer, supply chain management, project management, marketing, transportation, and distribution services, for $2.2bn. “We are actively reshaping our portfolio for a low carbon world and the acquisition of an interest in Sierra Gorda will increase our exposure to the commodities important to that transition,” Graham Kerr, South32 CEO.